MTG FY 2017 Earnings Report — MGIC Investment Corporation Revenue & Financial Results | Market Cap Arena

MGIC Investment CorporationMTG

FY 2017 Earnings

Reported February 23, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$1.1B	—	$1.1B	—	0.3%
Op. Income	$784M	—	$515M	—	52.4%
Gross Margin	93.9%	—	76.5%	—	17.4pp
Net Margin	33.4%	—	32.2%	—	1.1pp
EPS (Diluted)	$0.95	—	$0.86	—	10.5%
Free Cash Flow	$391M	—	$209M	—	86.8%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$65M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$217M
Operating Expenses	$217M
Cost & Expenses	$282M
OPERATING INCOME	$784M
Interest Income	$0
Interest Expense	$57M
Other Income/Expenses	$0
INCOME BEFORE TAX	$784M
Income Tax Expense	$429M
Net Income from Continuing Ops	$356M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$356M
Net Income Deductions	-$18M
BOTTOM LINE NET INCOME	$373M
D&A	$64M
EBIT	$842M
EBITDA	$906M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$65M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$217M
Operating Expenses	$217M
Cost & Expenses	$282M
OPERATING INCOME	$784M
Interest Income	$0
Interest Expense	$57M
Other Income/Expenses	$0
INCOME BEFORE TAX	$784M
Income Tax Expense	$429M
Net Income from Continuing Ops	$356M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$356M
Net Income Deductions	-$18M
BOTTOM LINE NET INCOME	$373M
D&A	$64M
EBIT	$842M
EBITDA	$906M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$356M
Depreciation & Amortization	$64M
Stock-Based Compensation	$15M
Deferred Income Tax	$355M
Other Non-Cash Items	$7M
Change in Working Capital	-$368M
OPERATING CASH FLOW	$407M
Capital Expenditure	-$16M
Acquisitions (Net)	$288M
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$1.0B
Other Investing Activities	-$288M
NET CASH FROM INVESTING	-$304M
Net Debt Issuance	-$152M
Common Stock Repurchased	-$7M
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	-$159M
FREE CASH FLOW	$391M
Net Change in Cash	-$56M

Balance Sheet

Item	Amount
Cash & Equivalents	$100M
Short-Term Investments	$0
Net Receivables	$106M
Inventory	$5.0B
Other Current Assets	$742M
TOTAL CURRENT ASSETS	$5.1B
PP&E (Net)	$45M
Goodwill	-$211M
Intangible Assets	$19M
Long-Term Investments	$5.0B
Tax Assets	$193M
Other Non-Current Assets	-$4.6B
TOTAL NON-CURRENT ASSETS	$482M
TOTAL ASSETS	$5.6B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.6B
Long-Term Debt	$830M
Deferred Revenue NC	-$280M
Deferred Tax Liabilities	$24M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$830M
TOTAL LIABILITIES	$2.5B
Common Stock	$371M
Additional Paid-In Capital	$1.9B
Retained Earnings	$977M
Treasury Stock	$0
Accum. Other Comp. Income	-$44M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.2B
Minority Interest	$0
TOTAL EQUITY	$3.2B
TOTAL LIABILITIES & EQUITY	$5.6B
Total Debt	$830M
Net Debt	$731M